Posted in Finance, Accounting and Economics Terms, Total Reads: 761
Definition: Simulation Business Modelling
Simulation business modelling is a technique used to simulate a particular business scenario and to understand the scenario and act accordingly. It is used to develop strategies depending on particular scenarios.
Ways are needed to help understand their business processes and how processes will impact the future of the company. Models and simulations are helpful in understanding the complexities of the process and also the stakeholders and effect of each change on to the big picture.
There are many softwares available in the market which can help you map your processes and even simulate it to see results. Also Best Practices are available in each industry to cut down on the risk first up.